K&L Gates Advises Therme Horizon on Acquisition of Wund-Thermen

Global law firm K&L Gates advised the joint venture Therme Horizon, a company owned by Therme Group and CVC Capital Partners, on the acquisition of the thermal baths in Sinsheim, Black Forest, and Titisee. With this transaction, Therme Horizon is taking over the three locations from the Josef Wund Foundation, thereby fully integrating the entire Wund portfolio into its platform. The transaction is still subject to approval by the German Federal Cartel Office.

Following the acquisition of Therme Erding in 2024, the deal marks a further step in the strategic expansion of the Therme Group. With five premium destinations – four in Germany and one in Romania – and 5.3 million guests annually, Therme Horizon is strengthening its role as one of the leading operators of thermal and wellbeing destinations. 

As a joint venture partner, CVC Capital Partners sees this as a milestone in the further development and professionalization of the portfolio – as well as in the continuation of the entrepreneurial vision of the late Josef Wund and his family. The Josef Wund Foundation emphasizes the preservation of its founder's life's work and its close connection to the regions concerned.

The advice was provided under the leadership of Munich partner Dr. Martina Ortner with support from Munich senior associate Richard Resch and counsels Dr. Andrew Stanka and René Wölfer. Additional support was provided by Frankfurt partners Dr. Bastian Bongertz and Karsten Seidel, Berlin partners Dr. Annette Mutschler-Siebert, Nils Neumann, Dr. Christian Hullmann, Dr. Thomas Nietsch, Dr. Ramona Ruf, and Dr. Georg Foerstner, Munich partners Dr. Michael Kreft, Dr. Philipp Riedl, and Dr. Hilger von Livonius, Berlin counsel Marion Baumann and Dr. Patricia Prelinger, Frankfurt counsel Tobias Kopp, Munich counsel Jennifer Hock and Dominik Sailer, Berlin senior associates Jenny Kirschey, Leonie Abendroth, and Dr. Gabriella Piras, Munich senior associate Patrick Glück and Dr. Judy Witten, and Berlin associates Nils Oberstadt, Judith Hirnstein, Isabelle Reinolsmann, Andreas Müller, and Julius Stoltz. The London office was also involved in the transaction.